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Bangko Sentral ng Pilipinas to roll out supervisory tech in 2019

Major reforms are continuously being introduced by the Bangko Sentral ng Pilipinas (BSP) to further strengthen the country’s banking system as well as to control the financial risks.

According to a recent report, BSP Deputy Governor Chuchi Fonacier shared that the mission critical components of its supervisory agenda can be called SPRINT.

SPRINT stands for Strategic, Proportionate, Risk-focused, Interactive, Next-Generation, and Technology-Driven.

She related SPRINT to racing terms and that it is a powerful form of physical activity that involves running at a really fast speed over a short interval.

Since it is a high-intensity exercise, it is often used to boost stamina and muscle fitness in athletes.

The central bank’s overall supervisory reform agenda is grounded on the underlying tenets of the Bank’s Continuity++ Framework under BSP Governor Nestor Espenilla Jr.

Under this umbrella framework, the industry can expect continuous alignment of the financial policy reforms with international standards, the Bank’s active support for capital market reforms and advancement in its financial inclusion agenda.

Their current supervisory assessment framework shall be transformed into a progressive, seamless, dynamic and more forward-looking supervisory model, with business model and impact analysis, as some of its core attributes.

Complementary to the pursuit of the Bank’s regulatory agenda, the BSP is set to modernise its internal processes through the adoption of next-generation systems and technology-enabled solutions.

According to the central bank’s official, they shall complete the roll-out of their supervisory technology (Suptech) projects in 2019.

These projects will include the Financial Institution (FI) portal, the Application Programming Interface (API) system and the automated complaint-handling system.

As reported, the FI portal is an online, secured, web-based facility designed to streamline the central bank’s regulatory compliance process.

Once operational, banks may readily submit reports through the facility, instead of via e-mail, and receive prompt feedback and exchange correspondences with the central bank on reporting matters.

The API system, meanwhile, will change the central bank’s regulatory reports process and will minimise “risks related to human intervention and e-mail transmission of reports” at less costs for the banks.

The automated complaint-handling system or chat bot, on the other hand, will allow financial customers to submit their concerns via SMS, Viber or web portal.

Through this system, customer voice is amplified and analytical capacity of the central bank is improved.

Moreover, the BSP official shared that they are coming up with several rules relating to Suptech and Regtech or regulatory technology.

These reforms include the adoption of the Surveillance Loop and Early Intervention Framework, which according to a central bank report, involves the development of a banking sector resilience index and a vulnerability index.

These are meant to help banks brace for potential vulnerabilities


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